Granby Capital Management LLC Trims Stock Position in iHeartMedia, Inc. $IHRT

Granby Capital Management LLC lessened its holdings in iHeartMedia, Inc. (NASDAQ:IHRT) by 30.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 450,000 shares of the company’s stock after selling 200,000 shares during the period. iHeartMedia accounts for approximately 1.0% of Granby Capital Management LLC’s portfolio, making the stock its 14th largest holding. Granby Capital Management LLC owned approximately 0.30% of iHeartMedia worth $1,872,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of IHRT. Global Media & Entertainment Investments Ltd purchased a new stake in shares of iHeartMedia in the third quarter valued at about $52,061,800,000. AQR Capital Management LLC raised its position in shares of iHeartMedia by 99.8% in the first quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock valued at $3,654,000 after buying an additional 1,105,976 shares during the last quarter. Millennium Management LLC acquired a new position in shares of iHeartMedia in the third quarter valued at approximately $2,204,000. Charles Schwab Investment Management Inc. raised its position in shares of iHeartMedia by 12.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,713,611 shares of the company’s stock valued at $27,929,000 after buying an additional 741,736 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of iHeartMedia by 22.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company’s stock valued at $4,739,000 after buying an additional 532,414 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

iHeartMedia Stock Performance

Shares of IHRT stock opened at $3.99 on Wednesday. iHeartMedia, Inc. has a one year low of $1.54 and a one year high of $6.56. The company has a 50 day moving average price of $4.49 and a 200 day moving average price of $3.89. The firm has a market capitalization of $603.09 million, a price-to-earnings ratio of -2.17 and a beta of 2.21.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.12). iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 7.28%.The company had revenue of $884.20 million for the quarter, compared to analyst estimates of $871.50 million. As a group, equities analysts forecast that iHeartMedia, Inc. will post -0.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of iHeartMedia in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, iHeartMedia has an average rating of “Reduce” and a consensus price target of $4.25.

About iHeartMedia

iHeartMedia, Inc (NASDAQ: IHRT) is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.